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More retirees rely on Social Security: AARP<\/p>\n
As Social Security turns 90, 65% of retirees now rely on it. A survey reveals public confidence in its future continues to fall.<\/p>\n
Straight Arrow News<\/p>\n
Social Security<\/a> payments are used to an estimated 67 million people – federal data shows<\/a> – 173,226 of them in New Jersey<\/a>.\u00a0<\/p>\n And it\u2019s easy to get confused about the types of programs, when payments are going out this month or how the amounts change over time.\u00a0<\/p>\n The money is intended to cover basic living expenses, ranging from food and housing to medical bills.\u00a0<\/p>\n We broke down the numbers and other basics for you.<\/p>\n Amount for Social Security payments<\/p>\n For one, if you\u2019re noticing a smaller check this month, the Social Security Administration says it\u2019s because they may have issued an overpayment <\/a>in the past that the agency is seeking to get back.\u00a0<\/p>\n An overpayment can happen when a beneficiary fails to update a change in income, for instance, and as a result Social Security overpays them. Or the SSA can incorrectly calculate a person’s benefits.<\/p>\n Officials at the Social Security Administration <\/a>said in April that the agency would begin sending out notices to recipients who previously received overpayments.\u00a0<\/p>\n After that notice went out, the agency allowed 90 days for recipients to either seek a waiver or lower repayment rate. Then after that – starting July 24 at the earliest – the agency began withholding 50% of a recipient’s benefits until the overpayment was repaid.\u00a0<\/p>\n Social Security paid out nearly $72 billion in improper payments \u2013 most of which were overpayments \u2013 during fiscal years 2015-2022, according to an August 2024 report from the Social Security Administration’s Office of the Inspector General<\/a>.<\/p>\n Social Security August payment schedule<\/p>\n The Social Security Administration sends out payments depending on your date of birth, based on a federal calendar<\/a>.\u00a0<\/p>\n Social Security payments are a benefit based on your earnings and are typically used as a form of retirement payment. Both you and your employer paid into the system during your time at work.\u00a0<\/p>\n Here\u2019s the rundown for when you receive your check in August:<\/p>\n Wednesday, Aug. 13: For birth dates between the first and 10th of the monthWednesday, Aug. 20: For birth dates between the 11th and 20th of the month\u00a0Wednesday, Aug. 27: For birth dates between the 21st and 31st of the month\u00a0What about Supplemental Security Income?<\/p>\n Supplemental Security Income, or SSI, is a needs-based program for those over 65 years of age, or who are blind or have another qualifying disability. Unlike Social Security, they\u2019re for people of limited needs and income.\u00a0<\/p>\n Typically, those on SSI earn less than $2,019 a month, according to the SSA<\/a>.\u00a0<\/p>\n The SSI checks for August went out on Friday, Aug. 1.\u00a0<\/p>\n Friday, Aug. 29: Check for September 2025Friday, Oct. 1: Check for October 2025Friday, Oct. 31: Check for November 2025Monday, Dec. 1: Check for December 2025Wednesday, Dec. 31: Check for January 2026Friday, Jan. 30, 2026: Check for February 2026Friday, Feb. 27, 2026: Check for March 2026\u00a0What will the cost-of-live adjustments be for 2026?<\/p>\n We won\u2019t know the cost-of-living adjustment, or COLA, will be for Social Security until October.\u00a0<\/p>\n But data suggests that it\u2019ll be 2.5%. That\u2019s according to Mary Johnson, Social Security and Medicare policy analyst with the Senior Citizens League who forecasts 2026 COLA using monthly inflation data<\/p>\n A 2.5% increase would be the same gain beneficiaries received this year<\/a>, but there’s still time for the 2026 estimate to rise because the full impacts of President Donald Trump<\/a>‘s tariffs<\/a> are still unknown.<\/p>\n This article contains material from USA Today<\/p>\n Daniel Munoz covers business, consumer affairs, labor and the economy for NorthJersey.com and The Record.\u00a0<\/p>\n Email:\u00a0munozd@northjersey.com;<\/a>\u00a0Twitter:@danielmunoz100<\/a>\u00a0and\u00a0Facebook<\/a><\/p>\n